Financial.

Shoes & Taxes: The Cold Hard Truth

Here is a short something for you to ponder today:

Investments and Taxes and Shoes

If I give you $1 and it doubles every year for 20 years (meaning you make 100% return on it every year):

In a Tax-Free Account You would have

$1,048,576

If you were taxed 50.67% on the growth (an average marginal tax bracket in Canada) you would have

$3,040

 

This is why you need:

  • An awesome Certified Financial Planner to help you navigate the tax world
  • An awesome CPA or accountant to work with your advisor on financial strategies
  • A great pair of shoes (I just threw that in, because it’s just truth!)

BOTTOM LINE: All the talk in the investment world right now is about fees and returns, which don’t hold a candle to the real issue, which should be making sure that tax planning comes first, because nothing will KILL YOUR INCOME, ASSETS, NETWORTH, BUSINESS & ESTATE more than taxes.

The cold hard truth is this: When considering your investments, income, assets, business, and estate, are you buying JUSTIN T. (note: NOT Timberlake) new designer shoes when really you deserve a pair for yourself?

Start Planning. Start a conversation with your fav CFP, one that understands that shoes are as important as taxes!